Last week in Dubai ACWA Power International was named as the 2009 Middle East Project Sponsor of the Year by Project Finance Magazine; a Euromoney publication. With only five years since its establishment ACWA Power has cut a deep trench in the competitive playing field of the Power and Water industry in Saudi Arabia. In addition, one of its landmark projects RABEC, in Rabigh, received the award for 2009 Middle East Power Deal of the Year during the same ceremony.
Over the last five years, ACWA Power received more than ten distinguished awards for its projects, initiatives, growth, CSR programs, and project financing models. The recognizing bodies included SAGIA, Project Finance International, Global Water Intelligence, Euromoney and Thomson Reuters.
Mr. Hani Al-Saigh, ACWA Power’s Director of Corporate Communications said “ACWA Power’s accomplishments lie in the success of the public private partnerships it has participated in which produced water and power production facilities meeting and exceeding international standards that contribute to meeting the demand of the growing population of Saudi Arabia. We consider the awards to be of the highest recognition of ACWA Power’s ability to achieve the goals it set forth five years ago and the diligent pursuit of achievement by its professional team.”
Recently ACWA Power took its first step outside the Saudi borders to make its first acquisition abroad through its deal to acquire a controlling joint stake of 58% in the Barka 1 IWPP in the Sultanate of Oman. Barka 1 has a contracted capacity of 427 MW of power and 91,000 m3/day of water; which is targeted to achieve closing by the first half of 2010, subject to regulatory and other approvals. In addition, ACWA Power is targeting other GCC countries, Jordan, Turkey, Morocco, Tunisia, South Africa and Botswana.
ACWA Power is a lead developer, owner and operator of independent water and power projects structured on a concession or utility outsourcing contract model. ACWA Power is incorporated in Saudi Arabia with a paid up capital of close to US$1bn. It holds equity ownership in a portfolio of contracted assets made up of 6,200 MW of power generation plants and 2.3 million m3/day of desalinated water production plants with a cumulative value in excess of $11.8bn.
Also, included in ACWA Power’s portfolio are two of the largest water desalination and power generation plants in the world. The first is the Shuaibah Water and Electricity Company (SWEC) located 120km south of Jeddah with a production capacity of 800,000 m3/day of desalinated water and 900MW of electricity. The second is JWAP in Jubail with a capacity of 800,000 m3/day of desalinated water and 2,745 MW of electricity.
Mr. Al-Saigh concluded with “The aspirations of ACWA Power reach beyond being a company that invests in Water and Power technologies to supporting the scientific development of these technologies through research and development. ACWA Power sponsors a number of initiatives such as research chairs for water desalination in King Saud University and King Abdullah University of Science and Technology. In addition, ACWA Power has an agreement with TVTC to jointly operate a Polytechnic college in Rabigh.”
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